- Define and describe an accounting system -what are internal controls? -what are subsidiary ledgers? -what...
- Define and describe an accounting system
-what are internal controls?
-what are subsidiary ledgers?
-what is a revenue journal?
-what is a purchases journal?
Homework Answers
(1)
accounting system is a system which facilitates accounting of transactions and events in an organization. It organizes the income, expenses and other business activities. It can be manual or computerized.
(2)
An internal control is a process, mechanism or policy implemented by management to safeguard assets, promote accountability, ensure operational effectiveness and efficiency and prevent fraud.
(3)
A subsidiary ledger is a list of individual accounts that record transactions with common characteristics which support a general ledger control account. Following are the examples of subsidiary ledgers: account receivable ledger, accounts payable ledger.
Add Answer to:
- Define and describe an accounting system
-what are internal controls?
-what are subsidiary ledgers?
-what...
Each transaction is posted to various Ledgers and Journals in the accounting system. Identify the Subsidiary Ledger, Journal, and account in the General Ledger for invoices and payments relating to b...
Each transaction is posted to various Ledgers and Journals in the accounting system. Identify the Subsidiary Ledger, Journal, and account in the General Ledger for invoices and payments relating to both creditors and debtors. Debtor Creditor Original transaction Subsidiary Ledger Journal General Ledger Subsidiary Ledger Payment Journal General Ledger
Each transaction is posted to various Ledgers and Journals in the accounting system. Identify the Subsidiary Ledger, Journal, and account in the General Ledger for invoices and payments relating to both...
Describe the relationship between the general and subsidiary ledgers.
Describe the relationship between the general and subsidiary ledgers.
Discuss the impact of Sarbanes-Oxley on a company’s internal controls. Be sure to define internal controls...
Discuss the impact of Sarbanes-Oxley on a company’s internal controls. Be sure to define internal controls and discuss the basic principles for assessing internal controls.
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6...
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6. What is a control account? 7. List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals? 8. Explain the posting process of the sales journal. 9. Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts...
what are some of the limitations on a company’s effective system of internal controls?
what are some of the limitations on a company’s effective system of internal controls?
Progress 0% DO Multiple Choice Question What is the purpose of internal controls? O Internal controls...
Progress 0% DO Multiple Choice Question What is the purpose of internal controls? O Internal controls are used by managers as a way to reduce outstanding customer balances O Managers utilize internal controls as a basis of employee performance reviews O Companies use strong internal controls to guarantee that loss is eliminated O Companies create internal controls to protect assets and ensure reliable accounting Confidence Level Rate your conticence to submit your answer Resources
Discuss how the nature of internal controls disaffected by switching from manual system to another scale...
Discuss how the nature of internal controls disaffected by switching from manual system to another scale computer based accounting system or a pc based accounting system.
Use the answer choices of documents/journals/ledgers to answer the question. What should be used when calculating...
Use the answer choices of documents/journals/ledgers to answer the question. What should be used when calculating depreciation expense? (Answer IS NOT "B") Depreciation journal Income statement 12 column worksheet A/R subsidiary ledger Purchases Journal Cash Receipts Journal Fixed asset subsidiary ledger Notes Payable General Ledger Tax return Cash disbursements journal Loan documents
Use the answer choices of documents/journals/ledgers to answer the question. What should be used when calculating...
Use the answer choices of documents/journals/ledgers to answer the question. What should be used when calculating the accrual for unpaid interest? ( I know the answer IS NOT "A") Notes payable General ledger Tax return Fixed asset subsidiary ledger Loan documents 12 column worksheet Purchases journal Depreciation journal Cash disbursements journal A/R subsidiary ledger Income statement Cash receipts journal
Required: Describe the risks associated with the system depicted in the flowchart. Describe the physical controls...
Required:
Describe the risks associated with the system depicted in the
flowchart.
Describe the physical controls needed to mitigate each
risks.
Purchases Department Receiving Department Central Computer Facility Account Payable Department Warehouse Packing Slip D Vendor PO Invoice Rec Reprt Identify Items and Select Vendor Prepare Receiving report Accounting System Packing Slip Recomcile documents and set up Liability Reconcile and Update Inventory Rec Reprt PO have Hory Records Rec Reprt Rec Reprt PO Invoice D MECOURT Payable PO Rec Reprt...
Each transaction is posted to various Ledgers and Journals in the accounting system. Identify the Subsidiary Ledger, Journal, and account in the General Ledger for invoices and payments relating to both creditors and debtors. Debtor Creditor Original transaction Subsidiary Ledger Journal General Ledger Subsidiary Ledger Payment Journal General Ledger
Each transaction is posted to various Ledgers and Journals in the accounting system. Identify the Subsidiary Ledger, Journal, and account in the General Ledger for invoices and payments relating to both...
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6. What is a control account? 7. List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals? 8. Explain the posting process of the sales journal. 9. Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts...
Progress 0% DO Multiple Choice Question What is the purpose of internal controls? O Internal controls are used by managers as a way to reduce outstanding customer balances O Managers utilize internal controls as a basis of employee performance reviews O Companies use strong internal controls to guarantee that loss is eliminated O Companies create internal controls to protect assets and ensure reliable accounting Confidence Level Rate your conticence to submit your answer Resources
Required:
Describe the risks associated with the system depicted in the
flowchart.
Describe the physical controls needed to mitigate each
risks.
Purchases Department Receiving Department Central Computer Facility Account Payable Department Warehouse Packing Slip D Vendor PO Invoice Rec Reprt Identify Items and Select Vendor Prepare Receiving report Accounting System Packing Slip Recomcile documents and set up Liability Reconcile and Update Inventory Rec Reprt PO have Hory Records Rec Reprt Rec Reprt PO Invoice D MECOURT Payable PO Rec Reprt...
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